NVR (NVR) 10-Q 28 Jul 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 26, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	NVR
Entity Registrant Name	NVR INC
Entity Central Index Key	906,163
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		3,895,960

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 364,494	$ 425,316
Inventory:
Land under development	58,751
Contract land deposits, net	375,071	343,295
Total assets	2,698,424	2,511,718
LIABILITIES AND SHAREHOLDERS' EQUITY
Total liabilities	1,340,823	1,272,553
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both June 30, 2016 and December 31, 2015	206	206
Additional paid-in capital	1,483,064	1,447,795
Deferred compensation trust – 108,628 and 108,614 shares of NVR, Inc. common stock as of June 30, 2016 and December 31, 2015	(17,355)	(17,333)
Deferred compensation liability	17,355	17,333
Retained earnings	5,427,093	5,270,114
Less treasury stock at cost – 16,657,701 and 16,664,342 shares as of June 30, 2016 and December 31, 2015, respectively	(5,552,762)	(5,478,950)
Total shareholders' equity	1,357,601	1,239,165
Total liabilities and shareholders' equity	2,698,424	2,511,718
Homebuilding [Member]
ASSETS
Cash and cash equivalents	353,176	397,522
Receivables	17,464	11,482
Inventory:
Lots and housing units, covered under sales agreements with customers	1,046,334	785,982
Unsold lots and housing units	127,210	147,832
Land under development	58,751	60,611
Building materials and other	15,319	12,101
Total Inventory	1,247,614	1,006,526
Assets related to consolidated variable interest entity	1,311	1,749
Contract land deposits, net	375,071	343,295
Property, plant and equipment, net	46,067	44,651
Reorganization value in excess of amounts allocable to identifiable assets, net	41,580	41,580
Goodwill and finite-lived intangible assets, net	3,291	3,982
Other assets	293,818	281,381
Total assets	2,379,392	2,132,168
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	272,768	227,437
Accrued expenses and other liabilities	294,604	304,922
Liabilities related to consolidated variable interest entity	951	1,091
Customer deposits	141,746	110,965
Senior notes	596,151	595,847
Total liabilities	1,306,220	1,240,262
Mortgage Banking [Member]
ASSETS
Cash and cash equivalents	10,026	26,804
Mortgage loans held for sale, net	275,145	319,553
Inventory:
Property, plant and equipment, net	5,079	5,313
Reorganization value in excess of amounts allocable to identifiable assets, net	7,347	7,347
Other assets	21,435	20,533
Total assets	319,032	379,550
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and other liabilities	34,603	32,291
Total liabilities	$ 34,603	$ 32,291

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	20,555,330	20,555,330
Deferred compensation trust, shares	108,628	108,614
Treasury stock, shares	16,657,701	16,664,342

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest expense	$ (4,814)	$ (5,956)	$ (9,902)	$ (11,874)
Income before taxes	144,720	148,684	248,032	211,047
Income tax expense	(53,044)	(55,289)	(91,053)	(78,594)
Net income	$ 91,676	$ 93,395	$ 156,979	$ 132,453
Basic earnings per share	$ 23.51	$ 22.97	$ 40.34	$ 32.61
Diluted earnings per share	$ 22.01	$ 21.91	$ 37.82	$ 31.17
Basic weighted average shares outstanding	3,900	4,066	3,892	4,062
Diluted weighted average shares outstanding	4,165	4,262	4,151	4,249
Homebuilding [Member]
Revenues	$ 1,361,741	$ 1,221,111	$ 2,483,245	$ 2,162,649
Other income	753	1,122	1,520	1,847
Cost of sales	(1,126,369)	(986,854)	(2,052,129)	(1,768,522)
Selling, general and administrative	(100,043)	(92,314)	(198,058)	(190,543)
Operating income	136,082	143,065	234,578	205,431
Interest expense	(4,554)	(5,817)	(9,396)	(11,599)
Income before taxes	131,528	137,248	225,182	193,832
Mortgage Banking [Member]
Mortgage banking fees	26,442	22,522	48,964	38,733
Interest income	1,437	1,303	3,111	2,381
Other income	409	243	667	348
General and administrative	(14,836)	(12,493)	(29,386)	(23,972)
Interest expense	(260)	(139)	(506)	(275)
Income before taxes	$ 13,192	$ 11,436	$ 22,850	$ 17,215

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 156,979	$ 132,453
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,934	10,741
Excess income tax benefit from equity-based compensation	(8,678)	(9,899)
Equity-based compensation expense	21,378	26,303
Contract land deposit recoveries, net	(1,436)	(5,747)
Gain on sale of loans, net	(36,687)	(27,331)
Mortgage loans closed	(1,558,775)	(1,311,016)
Mortgage loans sold and principal payments on mortgage loans held for sale	1,644,385	1,273,413
Distribution of earnings from unconsolidated joint ventures	6,135	9,939
Net change in assets and liabilities:
Increase in inventory	(240,708)	(213,837)
Increase in contract land deposits	(30,340)	(1,425)
Increase in receivables	(7,406)	(6,948)
Increase in accounts payable and accrued expenses	35,357	66,521
Increase in customer deposits	30,781	31,628
Other, net	(18,025)	(15,204)
Net cash provided by (used in) operating activities	3,894	(40,409)
Cash flows from investing activities:
Investments in and advances to unconsolidated joint ventures	(321)	(1,245)
Distribution of capital from unconsolidated joint ventures	7,003	10,561
Purchase of property, plant and equipment	(11,773)	(8,585)
Proceeds from the sale of property, plant and equipment	446	338
Net cash (used in) provided by investing activities	(4,645)	1,069
Cash flows from financing activities:
Purchase of treasury stock	(96,508)	(69,285)
Repayments under non-recourse debt related to consolidated variable interest entity and note payable		(64)
Distributions to partner in consolidated variable interest entity	(150)	(300)
Excess income tax benefit from equity-based compensation	8,678	9,899
Proceeds from the exercise of stock options	27,909	51,256
Net cash used in financing activities	(60,071)	(8,494)
Net decrease in cash and cash equivalents	(60,822)	(47,834)
Cash and cash equivalents, beginning of the period	425,316	545,419
Cash and cash equivalents, end of the period	364,494	497,585
Supplemental disclosures of cash flow information:
Interest paid during the period, net of interest capitalized	9,566	12,221
Income taxes paid during the period, net of refunds	$ 90,078	$ 52,781

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1 . Basis of Presentation The accompanying unaudited, condensed consolidated financial statements include the accounts of NVR, Inc. (“NVR” or the “Company”) and its subsidiaries and certain other entities in which the Company is deemed to be the primary beneficiary (see Notes 2 and 3 to the accompanying condensed consolidated financial statements). Intercompany accounts and transactions have been eliminated in consolidation. The statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Because the accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP, they should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. In the opinion of management, all adjustments (consisting only of normal recurring accruals except as otherwise noted herein) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. In 2016, the Company adopted Accounting Standards Update (“ASU”) 2015-03, Interest – Imputation of Interest For the three and six months ended June 30, 2016 and 2015, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying condensed consolidated financial statements.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Variable Interest Entities	2. Variable Interest Entities Fixed Price Finished Lot Purchase Agreements (“Lot Purchase Agreements”) NVR generally does not engage in the land development business. Instead, the Company typically acquires finished building lots at market prices from various development entities under Lot Purchase Agreements. The Lot Purchase Agreements require deposits that may be forfeited if NVR fails to perform under the Lot Purchase Agreements. The deposits required under the Lot Purchase Agreements are in the form of cash or letters of credit in varying amounts, and typically range up to 10% of the aggregate purchase price of the finished lots. NVR believes this lot acquisition strategy reduces the financial requirements and risks associated with direct land ownership and land development. NVR may, at its option, choose for any reason and at any time not to perform under these Lot Purchase Agreements by delivering notice of its intent not to acquire the finished lots under contract. NVR’s sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained within the Lot Purchase Agreements. In other words, if NVR does not perform under a Lot Purchase Agreement, NVR loses only its deposit. None of the creditors of any of the development entities with which NVR enters Lot Purchase Agreements have recourse to the general credit of NVR. NVR generally does not have any specific performance obligations to purchase a certain number or any of the lots, nor does NVR guarantee completion of the development by the developer or guarantee any of the developers’ financial or other liabilities. NVR is not involved in the design or creation of the development entities from which the Company purchases lots under Lot Purchase Agreements. The developer’s equity holders have the power to direct 100% of the operating activities of the development entity. NVR has no voting rights in any of the development entities. The sole purpose of the development entity’s activities is to generate positive cash flow returns for the equity holders. Further, NVR does not share in any of the profit or loss generated by the project’s development. The profits and losses are passed directly to the developer’s equity holders. The deposit placed by NVR pursuant to the Lot Purchase Agreement is deemed to be a variable interest in the respective development entities. Those development entities are deemed to be variable interest entities (“VIE”). Therefore, the development entities with which NVR enters into Lot Purchase Agreements, including the joint venture limited liability corporations discussed below, are evaluated for possible consolidation by NVR. An enterprise must consolidate a VIE when that enterprise has a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. NVR believes the activities that most significantly impact a development entity’s economic performance are the operating activities of the entity. Unless and until a development entity completes finished building lots through the development process to be able to sell, the process of which the development entity’s equity investors bear the full risk, the entity does not earn any revenues. The operating development activities are managed solely by the development entity’s equity investors. The development entities with which NVR contracts to buy finished lots typically select the respective projects, obtain the necessary zoning approvals, obtain the financing required with no support or guarantees from NVR, select who will purchase the finished lots and at what price, and manage the completion of the infrastructure improvements, all for the purpose of generating a cash flow return to the development entity’s equity holders and all independent of NVR. The Company possesses no more than limited protective legal rights through the Lot Purchase Agreement in the specific finished lots that it is purchasing, and NVR possesses no participative rights in the development entities. Accordingly, NVR does not have the power to direct the activities of a developer that most significantly impact the developer’s economic performance. For this reason, NVR has concluded that it is not the primary beneficiary of the development entities with which the Company enters into Lot Purchase Agreements, and therefore, NVR does not consolidate any of these VIEs. As of June 30, 2016, NVR controlled approximately 71,100 lots under Lot Purchase Agreements with third parties through deposits in cash and letters of credit totaling approximately $399,100 and $2,000, respectively. As noted above, NVR’s sole legal obligation and economic loss for failure to perform under these Lot Purchase Agreements is limited to the amount of the deposit pursuant to the liquidated damage provisions contained in the Lot Purchase Agreements and, in very limited circumstances, specific performance obligations. In addition, NVR has certain properties under contract with land owners that are expected to yield approximately 12,200 lots, which are not included in the number of total lots controlled. Some of these properties may require rezoning or other approvals to achieve the expected yield. These properties are controlled with deposits in cash and letters of credit totaling approximately $15,500 and $350, respectively, as of June 30, 2016, of which approximately $3,100 is refundable if NVR does not perform under the contract. NVR generally expects to assign the raw land contracts to a land developer and simultaneously enter into a Lot Purchase Agreement with the assignee if the project is determined to be feasible. NVR’s total risk of loss related to contract land deposits as of June 30, 2016 and December 31, 2015 was as follows: June 30, 2016 December 31, 2015 Contract land deposits $ 414,673 $ 385,534 Loss reserve on contract land deposits (39,602 ) (42,239 ) Contract land deposits, net 375,071 343,295 Contingent obligations in the form of letters of credit 2,400 3,302 Contingent specific performance obligations (1) 1,505 1,505 Total risk of loss $ 378,976 $ 348,102 (1) As of both June 30, 2016 and December 31, 2015, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures

Joint Ventures	6 Months Ended
	Jun. 30, 2016
Equity Method Investments And Joint Ventures [Abstract]
Joint Ventures	3. Joint Ventures On a limited basis, NVR obtains finished lots using joint venture limited liability corporations (“JVs”). The JVs are typically structured such that NVR is a non-controlling member and is at risk only for the amount the Company has invested, or has committed to invest, in addition to any deposits placed under Lot Purchase Agreements with the joint venture. At June 30, 2016, the Company had an aggregate investment totaling approximately $53,100 in six June 30, 2016 December 31, 2015 Assets: Cash $ 1,292 $ 990 Other assets 19 379 Land under development — 380 Total assets $ 1,311 $ 1,749 Liabilities and equity: Accrued expenses $ 622 $ 567 Equity 689 1,182 Total liabilities and equity $ 1,311 $ 1,749 The Company recognizes income from the JVs as a reduction to the lot cost of the lots purchased from the respective JVs when the homes are settled and is based on the expected total profitability and the total number of lots expected to be produced by the respective JVs. Distributions received from the unconsolidated JVs are allocated between return of capital and distributions of earnings based on the ratio of capital contributed by NVR to the total expected returns for the respective JVs, and are classified within the accompanying condensed consolidated statements of cash flows as cash flows from investing activities and operating activities, respectively.

Land Under Development

Land Under Development	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Land Under Development	4. On a limited basis, NVR directly acquires raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest where applicable, and real estate taxes. In February 2016, the Company purchased a land parcel which included both land under development and finished lots for approximately $150,000. In June 2016, the Company sold that land parcel to a developer for an amount which approximated NVR’s net investment in the property as of the sale date. In conjunction with the sale, the Company also entered into Lot Purchase Agreements with the developer for the option to purchase a portion of the finished lots expected to be developed from the parcel. Prior to the sale of the parcel, during the three and six months ended June 30, 2016, the Company sold 22 finished lots for approximately $6,300 and 56 finished lots for approximately $16,800, respectively, which were under contract with unrelated parties. As of June 30, 2016, NVR directly owned a total of four None of the raw parcels had any indicators of impairment as of June 30, 2016. Based on market conditions, NVR may on a limited basis continue to directly acquire additional raw parcels to develop into finished lots.

Capitalized Interest

Capitalized Interest	6 Months Ended
	Jun. 30, 2016
Interest Costs Incurred Capitalized [Abstract]
Capitalized Interest	5. Capitalized Interest The Company capitalizes interest costs to land under development during the active development of finished lots. In addition, the Company capitalizes interest costs to its joint venture investments while the investments are considered qualified assets pursuant to Accounting Standards Codification 835-20, Interest Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Interest capitalized, beginning of period $ 5,358 $ 4,271 $ 4,434 $ 4,072 Interest incurred 6,397 6,262 12,785 12,525 Interest charged to interest expense (4,814 ) (5,956 ) (9,902 ) (11,874 ) Interest charged to cost of sales (2,365 ) (245 ) (2,741 ) (391 ) Interest capitalized, end of period $ 4,576 $ 4,332 $ 4,576 $ 4,332 During the quarter ended June 30, 2016, the Company expensed to cost of sales approximately $1,500 of capitalized interest related to the land parcel under development which was sold during the quarter as disclosed in Note 4.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings per Share	6. Earnings per Share The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average number of shares outstanding used to calculate basic EPS 3,900 4,066 3,892 4,062 Dilutive securities: Stock options and restricted share units 265 196 259 187 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,165 4,262 4,151 4,249 The following stock options and restricted share units issued under equity incentive plans were outstanding during the three and six months ended June 30, 2016 and 2015, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Anti-dilutive securities 78 37 78 41

Excess Reorganization Value, Go

Excess Reorganization Value, Goodwill and Other Intangibles	6 Months Ended
	Jun. 30, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Excess Reorganization Value, Goodwill and Other Intangibles	7. Excess Reorganization Value, Goodwill and Other Intangibles Reorganization value in excess of identifiable assets (“excess reorganization value”) is an indefinite-lived intangible asset that was created upon NVR’s emergence from bankruptcy on September 30, 1993. Based on the allocation of the reorganization value, the portion of the reorganization value which was not attributed to specific tangible or intangible assets has been reported as excess reorganization value, which is treated similarly to goodwill. Excess reorganization value is not subject to amortization. Rather, excess reorganization value is subject to an impairment assessment on an annual basis or more frequently if changes in events or circumstances indicate that impairment may have occurred. Because excess reorganization value was based on the reorganization value of NVR’s entire enterprise upon emergence from bankruptcy, the impairment assessment is conducted on an enterprise basis based on the comparison of NVR’s total equity to the market value of NVR’s outstanding publicly-traded common stock. As of June 30, 2016, goodwill and net finite-lived intangible assets totaled $441 and $2,850, respectively. The remaining finite-lived intangible assets are amortized on a straight-line basis over a weighted average life of three years. Accumulated amortization as of June 30, 2016 was $5,928. Amortization expense related to the finite-lived intangible assets was $346 and $691 for both the three and six months ended June 30, 2016 and 2015, respectively. The Company completed the annual impairment assessment of the excess reorganization value and goodwill during the first quarter of 2016 and determined that there was no impairment.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity A summary of changes in shareholders’ equity is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2015 $ 206 $ 1,447,795 $ 5,270,114 $ (5,478,950 ) $ (17,333 ) $ 17,333 $ 1,239,165 Net income — — 156,979 — — — 156,979 Deferred compensation activity — — — — (22 ) 22 — Purchase of common stock for treasury — — — (96,508 ) — — (96,508 ) Equity-based compensation — 21,378 — — — — 21,378 Excess tax benefit from equity benefit plan activity — 8,678 — — — — 8,678 Proceeds from stock options exercised — 27,909 — — — — 27,909 Treasury stock issued upon option exercise and restricted share vesting — (22,696 ) — 22,696 — — — Balance, June 30, 2016 $ 206 $ 1,483,064 $ 5,427,093 $ (5,552,762 ) $ (17,355 ) $ 17,355 $ 1,357,601 The Company repurchased 62 shares of its common stock during the six months ended June 30, 2016. The Company settles option exercises and vesting of restricted share units by issuing shares of treasury stock. Approximately 69 shares were issued from the treasury account during the six months ended June 30, 2016 in settlement of option exercises and vesting of restricted share units. Shares are relieved from the treasury account based on the weighted average cost basis of treasury shares acquired.

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2016
Product Warranties Disclosures [Abstract]
Product Warranties	9. Product Warranties The Company establishes warranty and product liability reserves (“warranty reserve”) to provide for estimated future expenses as a result of construction and product defects, product recalls and litigation incidental to NVR’s homebuilding business. Liability estimates are determined based on management’s judgment, considering such factors as historical experience, the likely current cost of corrective action, manufacturers’ and subcontractors’ participation in sharing the cost of corrective action, consultations with third party experts such as engineers, and discussions with the Company’s general counsel and outside counsel retained to handle specific product liability cases. The following table reflects the changes in the Company’s warranty reserve during the three and six months ended June 30, 2016 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Warranty reserve, beginning of period $ 86,692 $ 89,743 $ 87,407 $ 94,060 Provision 12,867 11,144 21,709 20,226 Payments (11,606 ) (15,013 ) (21,163 ) (28,412 ) Warranty reserve, end of period $ 87,953 $ 85,874 $ 87,953 $ 85,874

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Disclosures	10. Segment Disclosures The following disclosure includes four homebuilding reportable segments that aggregate geographically the Company’s homebuilding operating segments, and the mortgage banking operations presented as a single reportable segment. The homebuilding reportable segments are comprised of operating divisions in the following geographic areas: Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C. North East: New Jersey and Eastern Pennsylvania Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois South East: North Carolina, South Carolina, Florida and Tennessee Homebuilding profit before tax includes all revenues and income generated from the sale of homes, less the cost of homes sold, selling, general and administrative expenses and a corporate capital allocation charge. The corporate capital allocation charge is eliminated in consolidation and is based on the segment’s average net assets employed. The corporate capital allocation charged to the operating segment allows the Chief Operating Decision Maker (“CODM”) to determine whether the operating segment’s results are providing the desired rate of return after covering the Company’s cost of capital. In addition, certain assets, including goodwill and intangible assets and consolidation adjustments as discussed further below, are not allocated to the operating segments as those assets are neither included in the operating segment’s corporate capital allocation charge, nor in the CODM’s evaluation of the operating segment’s performance. The Company records charges on contract land deposits when it is determined that it is probable that recovery of the deposit is impaired. For segment reporting purposes, impairments on contract land deposits are charged to the operating segment upon the determination to terminate a Lot Purchase Agreement with the developer, or to restructure a Lot Purchase Agreement resulting in the forfeiture of the deposit. Mortgage banking profit before tax consists of revenues generated from mortgage financing, title insurance and closing services, less the costs of such services and general and administrative costs. Mortgage banking operations are not charged a corporate capital allocation charge. In addition to the corporate capital allocation and contract land deposit impairments discussed above, the other reconciling items between segment profit and consolidated profit before tax include unallocated corporate overhead (including all management incentive compensation), equity-based compensation expense, consolidation adjustments and external corporate interest expense. NVR’s overhead functions, such as accounting, treasury and human resources, are centrally performed and the costs are not allocated to the Company’s operating segments. Consolidation adjustments consist of such items necessary to convert the reportable segments’ results, which are predominantly maintained on a cash basis, to a full accrual basis for external financial statement presentation purposes, and are not allocated to the Company’s operating segments. External corporate interest expense primarily consists of interest charges on the Company’s Senior Notes and is not charged to the operating segments because the charges are included in the corporate capital allocation discussed above. Following are tables presenting segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues: Homebuilding Mid Atlantic $ 772,147 $ 746,168 $ 1,405,718 $ 1,302,288 Homebuilding North East 108,766 114,375 205,919 197,368 Homebuilding Mid East 306,257 221,083 550,534 406,512 Homebuilding South East 174,571 139,485 321,074 256,481 Mortgage Banking 26,442 22,522 48,964 38,733 Total consolidated revenues $ 1,388,183 $ 1,243,633 $ 2,532,209 $ 2,201,382 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Profit before taxes: Homebuilding Mid Atlantic $ 63,730 $ 85,041 $ 110,339 $ 129,607 Homebuilding North East 5,578 12,631 9,643 18,615 Homebuilding Mid East 30,056 15,586 52,789 22,649 Homebuilding South East 15,825 12,625 28,611 21,441 Mortgage Banking 13,973 12,256 24,348 18,881 Total segment profit before taxes 129,162 138,139 225,730 211,193 Reconciling items: Contract land deposit reserve adjustment (1) 1,307 5,903 2,636 6,806 Equity-based compensation expense (10,829 ) (12,904 ) (21,378 ) (26,303 ) Corporate capital allocation (2) 46,259 41,398 90,574 78,341 Unallocated corporate overhead (26,517 ) (19,764 ) (56,026 ) (49,748 ) Consolidation adjustments and other 9,877 1,681 15,862 2,330 Corporate interest expense (4,539 ) (5,769 ) (9,366 ) (11,572 ) Reconciling items sub-total 15,558 10,545 22,302 (146 ) Consolidated profit before taxes $ 144,720 $ 148,684 $ 248,032 $ 211,047 June 30, 2016 December 31, 2015 Assets: Homebuilding Mid Atlantic $ 1,167,199 $ 994,804 Homebuilding North East 151,466 133,106 Homebuilding Mid East 264,674 220,094 Homebuilding South East 208,347 175,572 Mortgage Banking 311,685 372,203 Total segment assets 2,103,371 1,895,779 Reconciling items: Consolidated variable interest entity 1,311 1,749 Cash and cash equivalents 353,176 397,522 Deferred taxes 168,076 161,805 Intangible assets and goodwill 52,218 52,909 Contract land deposit reserve (39,602 ) (42,239 ) Consolidation adjustments and other 59,874 44,193 Reconciling items sub-total 595,053 615,939 Consolidated assets $ 2,698,424 $ 2,511,718 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. (2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 28,766 $ 26,258 $ 55,951 $ 49,667 Homebuilding North East 4,447 3,805 9,400 7,115 Homebuilding Mid East 7,458 6,672 14,157 12,607 Homebuilding South East 5,588 4,663 11,066 8,952 Total $ 46,259 $ 41,398 $ 90,574 $ 78,341

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value	11. Fair Value GAAP assigns a fair value hierarchy to the inputs used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs. Financial Instruments The estimated fair value of NVR’s Senior Notes as of June 30, 2016 was $636,000. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. The carrying value of the Senior Notes was $596,151 at June 30, 2016. Except as otherwise noted below, NVR believes that insignificant differences exist between the carrying value and the fair value of its financial instruments, which consist of cash equivalents, due to their short term nature. Derivative Instruments and Mortgage Loans Held for Sale In the normal course of business, NVR’s wholly-owned mortgage subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), enters into contractual commitments to extend credit to buyers of single-family homes with fixed expiration dates. The commitments become effective when the borrowers "lock-in" a specified interest rate within time frames established by NVRM. All mortgagors are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the "lock-in" of rates by the borrower and the sale date of the loan to a broker/dealer. To mitigate the effect of the interest rate risk inherent The fair value of NVRM’s rate lock commitments to borrowers and the related input levels include, as applicable: i) the assumed gain/loss of the expected resultant loan sale (Level 2); ii) the effects of interest rate movements between the date of the rate lock and the balance sheet date (Level 2); and iii) the value of the servicing rights associated with the loan (Level 2). The assumed gain/loss considers the excess servicing to be received or buydown fees to be paid upon securitization of the loan. The excess servicing and buydown fees are calculated pursuant to contractual terms with investors. To calculate the effects of interest rate movements, NVRM utilizes applicable published mortgage-backed security prices, and multiplies the price movement between the rate lock date and the balance sheet date by the notional loan commitment amount. NVRM sells all of its loans on a servicing released basis, and receives a servicing released premium upon sale. Thus, the value of the servicing rights, which averaged 100 basis points of the loan amount as of June 30, 2016, is included in the fair value measurement and is based upon contractual terms with investors and varies depending on the loan type. NVRM assumes an approximate 13% fallout rate when measuring the fair value of rate lock commitments. Fallout is defined as locked loan commitments for which NVRM does not close a mortgage loan and is based on historical experience. The fair value of NVRM’s forward sales contracts to broker/dealers solely considers the market price movement of the same type of security between the trade date and the balance sheet date (Level 2). The market price changes are multiplied by the notional amount of the forward sales contracts to measure the fair value. Mortgage loans held for sale are carried at the lower of cost or fair value, net of deferred origination costs, until sold. Fair value is measured using Level 2 inputs. The fair value of loans held for sale of $275,145 included on the accompanying condensed consolidated balance sheet has been increased by $4,789 from the aggregate principal balance of $270,356. The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of June 30, 2016, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 8,314 Gross liabilities 735 Net rate lock commitments $ 7,579 NVRM - Other assets Forward sales contracts: Gross assets $ 1 Gross liabilities 5,104 Net forward sales contracts $ 5,103 NVRM - Accounts payable and other liabilities The fair value measurement as of June 30, 2016 was as follows: Notional or Principal Amount Assumed Gain/(Loss) From Loan Sale Interest Rate Movement Effect Servicing Rights Value Security Price Change Total Fair Value Measurement Gain/(Loss) Rate lock commitments $ 524,455 $ (304 ) $ 3,335 $ 4,548 $ — $ 7,579 Forward sales contracts $ 718,451 — — — (5,103 ) (5,103 ) Mortgages held for sale $ 270,356 650 1,446 2,693 — 4,789 Total fair value measurement $ 346 $ 4,781 $ 7,241 $ (5,103 ) $ 7,265 For the three and six months ended June 30, 2016, NVRM recorded a fair value adjustment to income of $589 and a fair value adjustment to expense of $67, respectively. For the three and six months ended June 30, 2015, NVRM recorded a fair value adjustment to income of $2,033 and $1,611, respectively. Unrealized gains/losses from the change in the fair value measurements are included in earnings as a component of mortgage banking fees in the accompanying condensed consolidated statements of income. The fair value measurement will be impacted in the future by the change in the value of the servicing rights, interest rate movements, security price fluctuations, and the volume and product mix of NVRM’s closed loans and locked loan commitments.

Debt

Debt	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Debt	12. Debt As of June 30, 2016, the Company had Senior Notes outstanding with a principal balance of $600,000. The Senior Notes mature on September 15, 2022 and bear interest at 3.95%, payable semi-annually in arrears on March 15 and September 15. The Senior Notes were issued at a discount to yield 3.97% and have been reflected net of the unamortized discount in the accompanying condensed consolidated balance sheet. Additionally, following the Company’s adoption of ASU 2015-03 as of January 1, 2016, as further discussed in Note 1, the Senior Notes have been reflected net of unamortized debt issuance costs of $3,158 and $3,413 as of June 30, 2016 and December 31, 2015, respectively. NVRM provides for its mortgage origination and other operating activities using cash generated from operations, borrowings from its parent company, NVR, as well as a revolving mortgage repurchase agreement (the “Repurchase Agreement”), which is non-recourse to NVR. The Repurchase Agreement provides for loan purchases up to $150,000, subject to certain sub-limits, and provides for an incremental commitment pursuant to which NVRM may from time to time request increases in the total commitment available under the Repurchase Agreement by up to $50,000 in the aggregate. Amounts outstanding under the Repurchase Agreement are collateralized by the Company’s mortgage loans held for sale. The Repurchase Agreement was renewed in July 2016 with materially consistent terms and conditions and expires on On July 15, 2016, NVR entered into an unsecured Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated as Sole Lead Arranger and Sole Book Runner, and the other lenders party thereto, which provides for aggregate revolving loan commitments of $200,000 (the “Facility”). Proceeds of the borrowings under the Facility will be used for working capital and general corporate purposes. Under the Credit Agreement, the Company may request increases of up to $300,000 to the Facility in the form of revolving loan commitments or term loans to the extent that new or existing lenders agree to provide additional revolving loan or term loan commitments. The Credit Agreement contains various representations and affirmative and negative covenants that are generally customary for credit facilities of this type. Such covenants include, among others, the following financial maintenance covenants: (i) minimum consolidated tangible net worth, (ii) minimum interest coverage ratio or minimum liquidity and (iii) a maximum leverage ratio. The negative covenants include, among others, certain limitations on liens, investments and fundamental changes. The Credit Agreement termination date is July 15, 2021.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies In June 2010, the Company received a Request for Information from the United States Environmental Protection Agency (“EPA”) pursuant to Section 308 of the Clean Water Act. The request sought information about storm water discharge practices in connection with homebuilding projects completed or underway by the Company in New York and New Jersey. The Company cooperated with this request, and provided information to the EPA. The Company was subsequently informed by the United States Department of Justice (“DOJ”) that the EPA forwarded the information on the matter to the DOJ, and the DOJ requested that the Company meet with the government to discuss the status of the case. Meetings took place in January 2012, August 2012 and November 2014 with representatives from both the EPA and DOJ. The Company has continued discussions with the EPA and DOJ and is presently engaged in settlement discussions with them. Any settlement is expected to include injunctive relief and payment of a civil penalty. Although there can be no assurance that a settlement will be reached, the Company has recorded a liability associated with an estimated civil penalty amount on the accompanying condensed consolidated financial statements as of both June 30, 2016 and December 31, 2015. The Company and its subsidiaries are also involved in various other litigation arising in the ordinary course of business. In the opinion of management, and based on advice of legal counsel, this litigation is not expected to have a material adverse effect on the financial position, results of operations or cash flows of the Company. Legal costs incurred in connection with outstanding litigation are expensed as incurred.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	14. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers In August 2014, FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In February 2015, FASB issued ASU 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Total Risk of Loss Related to Contract Land Deposits	NVR’s total risk of loss related to contract land deposits as of June 30, 2016 and December 31, 2015 was as follows: June 30, 2016 December 31, 2015 Contract land deposits $ 414,673 $ 385,534 Loss reserve on contract land deposits (39,602 ) (42,239 ) Contract land deposits, net 375,071 343,295 Contingent obligations in the form of letters of credit 2,400 3,302 Contingent specific performance obligations (1) 1,505 1,505 Total risk of loss $ 378,976 $ 348,102 (1) As of both June 30, 2016 and December 31, 2015, the Company was committed to purchase 10 finished lots under specific performance obligations.

Joint Ventures (Tables)

Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2016
Consolidated Joint Venture
Schedule Of Equity Method Investments [Line Items]
Condensed Balance Sheets	The condensed balance sheets as of June 30, 2016 and December 31, 2015 of the consolidated JV were as follows: June 30, 2016 December 31, 2015 Assets: Cash $ 1,292 $ 990 Other assets 19 379 Land under development — 380 Total assets $ 1,311 $ 1,749 Liabilities and equity: Accrued expenses $ 622 $ 567 Equity 689 1,182 Total liabilities and equity $ 1,311 $ 1,749

Capitalized Interest (Tables)

Capitalized Interest (Tables)	6 Months Ended
	Jun. 30, 2016
Interest Costs Incurred Capitalized [Abstract]
Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales	NVR’s interest costs incurred, capitalized, expensed and charged to cost of sales during the three and six months ended June 30, 2016 and 2015 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Interest capitalized, beginning of period $ 5,358 $ 4,271 $ 4,434 $ 4,072 Interest incurred 6,397 6,262 12,785 12,525 Interest charged to interest expense (4,814 ) (5,956 ) (9,902 ) (11,874 ) Interest charged to cost of sales (2,365 ) (245 ) (2,741 ) (391 ) Interest capitalized, end of period $ 4,576 $ 4,332 $ 4,576 $ 4,332

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share	The following weighted average shares and share equivalents were used to calculate basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015 Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Weighted average number of shares outstanding used to calculate basic EPS 3,900 4,066 3,892 4,062 Dilutive securities: Stock options and restricted share units 265 196 259 187 Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS 4,165 4,262 4,151 4,249
Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following stock options and restricted share units issued under equity incentive plans were outstanding during the three and six months ended June 30, 2016 and 2015, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Anti-dilutive securities 78 37 78 41

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Summary of Changes in Shareholders' Equity	A summary of changes in shareholders’ equity is presented below: Common Stock Additional Paid-In Capital Retained Earnings Treasury Stock Deferred Compensation Trust Deferred Compensation Liability Total Balance, December 31, 2015 $ 206 $ 1,447,795 $ 5,270,114 $ (5,478,950 ) $ (17,333 ) $ 17,333 $ 1,239,165 Net income — — 156,979 — — — 156,979 Deferred compensation activity — — — — (22 ) 22 — Purchase of common stock for treasury — — — (96,508 ) — — (96,508 ) Equity-based compensation — 21,378 — — — — 21,378 Excess tax benefit from equity benefit plan activity — 8,678 — — — — 8,678 Proceeds from stock options exercised — 27,909 — — — — 27,909 Treasury stock issued upon option exercise and restricted share vesting — (22,696 ) — 22,696 — — — Balance, June 30, 2016 $ 206 $ 1,483,064 $ 5,427,093 $ (5,552,762 ) $ (17,355 ) $ 17,355 $ 1,357,601

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2016
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranties Reserve	The following table reflects the changes in the Company’s warranty reserve during the three and six months ended June 30, 2016 and 2015: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Warranty reserve, beginning of period $ 86,692 $ 89,743 $ 87,407 $ 94,060 Provision 12,867 11,144 21,709 20,226 Payments (11,606 ) (15,013 ) (21,163 ) (28,412 ) Warranty reserve, end of period $ 87,953 $ 85,874 $ 87,953 $ 85,874

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Revenues	Following are tables presenting segment revenues, profit and assets, with reconciliations to the amounts reported for the consolidated enterprise, where applicable: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Revenues: Homebuilding Mid Atlantic $ 772,147 $ 746,168 $ 1,405,718 $ 1,302,288 Homebuilding North East 108,766 114,375 205,919 197,368 Homebuilding Mid East 306,257 221,083 550,534 406,512 Homebuilding South East 174,571 139,485 321,074 256,481 Mortgage Banking 26,442 22,522 48,964 38,733 Total consolidated revenues $ 1,388,183 $ 1,243,633 $ 2,532,209 $ 2,201,382
Profit before Taxes	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Profit before taxes: Homebuilding Mid Atlantic $ 63,730 $ 85,041 $ 110,339 $ 129,607 Homebuilding North East 5,578 12,631 9,643 18,615 Homebuilding Mid East 30,056 15,586 52,789 22,649 Homebuilding South East 15,825 12,625 28,611 21,441 Mortgage Banking 13,973 12,256 24,348 18,881 Total segment profit before taxes 129,162 138,139 225,730 211,193 Reconciling items: Contract land deposit reserve adjustment (1) 1,307 5,903 2,636 6,806 Equity-based compensation expense (10,829 ) (12,904 ) (21,378 ) (26,303 ) Corporate capital allocation (2) 46,259 41,398 90,574 78,341 Unallocated corporate overhead (26,517 ) (19,764 ) (56,026 ) (49,748 ) Consolidation adjustments and other 9,877 1,681 15,862 2,330 Corporate interest expense (4,539 ) (5,769 ) (9,366 ) (11,572 ) Reconciling items sub-total 15,558 10,545 22,302 (146 ) Consolidated profit before taxes $ 144,720 $ 148,684 $ 248,032 $ 211,047 (1) This item represents changes to the contract land deposit impairment reserve, which are not allocated to the reportable segments. (2) This item represents the elimination of the corporate capital allocation charge included in the respective homebuilding reportable segments. The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 28,766 $ 26,258 $ 55,951 $ 49,667 Homebuilding North East 4,447 3,805 9,400 7,115 Homebuilding Mid East 7,458 6,672 14,157 12,607 Homebuilding South East 5,588 4,663 11,066 8,952 Total $ 46,259 $ 41,398 $ 90,574 $ 78,341
Assets	June 30, 2016 December 31, 2015 Assets: Homebuilding Mid Atlantic $ 1,167,199 $ 994,804 Homebuilding North East 151,466 133,106 Homebuilding Mid East 264,674 220,094 Homebuilding South East 208,347 175,572 Mortgage Banking 311,685 372,203 Total segment assets 2,103,371 1,895,779 Reconciling items: Consolidated variable interest entity 1,311 1,749 Cash and cash equivalents 353,176 397,522 Deferred taxes 168,076 161,805 Intangible assets and goodwill 52,218 52,909 Contract land deposit reserve (39,602 ) (42,239 ) Consolidation adjustments and other 59,874 44,193 Reconciling items sub-total 595,053 615,939 Consolidated assets $ 2,698,424 $ 2,511,718
Corporate Capital Allocation Charge	The corporate capital allocation charge is based on the segment’s monthly average asset balance, and was as follows for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Corporate capital allocation charge: Homebuilding Mid Atlantic $ 28,766 $ 26,258 $ 55,951 $ 49,667 Homebuilding North East 4,447 3,805 9,400 7,115 Homebuilding Mid East 7,458 6,672 14,157 12,607 Homebuilding South East 5,588 4,663 11,066 8,952 Total $ 46,259 $ 41,398 $ 90,574 $ 78,341

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Undesignated Derivative Instruments	The undesignated derivative instruments are included on the accompanying condensed consolidated balance sheet, as of June 30, 2016, as follows: Fair Value Balance Sheet Location Rate lock commitments: Gross assets $ 8,314 Gross liabilities 735 Net rate lock commitments $ 7,579 NVRM - Other assets Forward sales contracts: Gross assets $ 1 Gross liabilities 5,104 Net forward sales contracts $ 5,103 NVRM - Accounts payable and other liabilities
Fair Value Measurement	The fair value measurement as of June 30, 2016 was as follows: Notional or Principal Amount Assumed Gain/(Loss) From Loan Sale Interest Rate Movement Effect Servicing Rights Value Security Price Change Total Fair Value Measurement Gain/(Loss) Rate lock commitments $ 524,455 $ (304 ) $ 3,335 $ 4,548 $ — $ 7,579 Forward sales contracts $ 718,451 — — — (5,103 ) (5,103 ) Mortgages held for sale $ 270,356 650 1,446 2,693 — 4,789 Total fair value measurement $ 346 $ 4,781 $ 7,241 $ (5,103 ) $ 7,265

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - Senior Notes due 2022 [Member]	6 Months Ended
	Jun. 30, 2016
Debt Instrument [Line Items]
Senior notes interest rate	3.95%
Senior notes maturity date	Sep. 15, 2022

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Jun. 30, 2016USD ($)Lot	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Contract land deposits	$ 414,673	$ 385,534
Variable Interest Entities [Member]
Variable Interest Entity [Line Items]
Maximum range of deposits required under the purchase agreements	10.00%
Lots controlled by NVR | Lot	71,100
Contract land deposits in cash	$ 399,100
Letters of credit related to lots	$ 2,000
Contract on Raw Ground with Landowners [Member]
Variable Interest Entity [Line Items]
Lots controlled by NVR | Lot	12,200
Contract land deposits	$ 15,500
Letters of credit related to land contract	350
Refundable deposits and letters of credit	$ 3,100

Variable Interest Entities - To

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Detail) - USD ($) $ in Thousands		Jun. 30, 2016	Dec. 31, 2015
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Contract land deposits		$ 414,673	$ 385,534
Loss reserve on contract land deposits		(39,602)	(42,239)
Contract land deposits, net		375,071	343,295
Contingent obligations in the form of letters of credit		2,400	3,302
Contingent specific performance obligations	[1]	1,505	1,505
Total risk of loss		$ 378,976	$ 348,102
[1]	As of both June 30, 2016 and December 31, 2015, the Company was committed to purchase 10 finished lots under specific performance obligations.

Variable Interest Entities - 31

Variable Interest Entities - Total Risk of Loss Related to Contract Land Deposits (Parenthetical) (Detail) - Lot	Jun. 30, 2016	Dec. 31, 2015
Variable Interest Entity Reporting Entity Involvement Maximum Loss Exposure [Abstract]
Finished lots committed to purchase under specific performance obligations	10	10

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Detail) $ in Thousands	Jun. 30, 2016USD ($)LotJointVenture	Dec. 31, 2015USD ($)
Joint Ventures [Line Items]
Aggregate investment | $	$ 53,100
Number of joint ventures | JointVenture	6
Expected production of finished lots | Lot	7,700
Total lots controlled by company under the joint venture | Lot	4,400
Total lots either under contract with unrelated parties or not under the current contract | Lot	3,300
Additional funding commitments in the aggregate | $	$ 6,600
Number of joint ventures with additional funding commitment | JointVenture	3
Number of joint ventures NVR is not primary beneficiary | JointVenture	5
Other Assets [Member]
Joint Ventures [Line Items]
Aggregate investment | $	$ 52,800	$ 59,800

Joint Ventures - Condensed Bala

Joint Ventures - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Assets:
Cash	$ 364,494	$ 425,316	$ 497,585	$ 545,419
Land under development	58,751
Liabilities and equity:
Equity	1,357,601	1,239,165
Total liabilities and shareholders' equity	2,698,424	2,511,718
Consolidated Joint Venture
Assets:
Cash	1,292	990
Other assets	19	379
Land under development		380
Total assets	1,311	1,749
Liabilities and equity:
Accrued expenses	622	567
Equity	689	1,182
Total liabilities and shareholders' equity	$ 1,311	$ 1,749

Land Under Development - Additi

Land Under Development - Additional Information (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)LotParcel	Jun. 30, 2016USD ($)LotParcel	Feb. 29, 2016USD ($)
Real Estate [Abstract]
Acquisition costs of land under development and finished lots			$ 150,000
Lots sold to unrelated party | Lot	22	56
Amount of lots sold to unrelated parties under contract	$ 6,300	$ 16,800
Number of raw parcels of land owned | Parcel	4	4
Carrying value of raw parcels of land	$ 58,751	$ 58,751
Number of finished lots expected to be developed from raw parcels of land | Lot	800	800
Aggregate additional funding commitments related to raw land property under joint development	$ 16,000	$ 16,000
Expected development credits that will offset the aggregate additional funding commitments related to raw land property development		$ 9,200

Capitalized Interest - Summary

Capitalized Interest - Summary of Interest Costs Incurred, Capitalized, Expensed and Charged to Cost of Sales (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest Costs Incurred Capitalized [Abstract]
Interest capitalized, beginning of period	$ 5,358	$ 4,271	$ 4,434	$ 4,072
Interest incurred	6,397	6,262	12,785	12,525
Interest expense	(4,814)	(5,956)	(9,902)	(11,874)
Interest charged to cost of sales	(2,365)	(245)	(2,741)	(391)
Interest capitalized, end of period	$ 4,576	$ 4,332	$ 4,576	$ 4,332

Capitalized Interest - Addition

Capitalized Interest - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Real Estate [Line Items]
Capitalized interest charged to cost of sales	$ 2,365	$ 245	$ 2,741	$ 391
Land Under Development [Member]
Real Estate [Line Items]
Capitalized interest charged to cost of sales	$ 1,500

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Shares and Share Equivalents Used to Calculate Basic and Diluted Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Weighted average number of shares outstanding used to calculate basic EPS	3,900	4,066	3,892	4,062
Dilutive securities:
Stock options and restricted share units	265	196	259	187
Weighted average number of shares and share equivalents outstanding used to calculate diluted EPS	4,165	4,262	4,151	4,249

Earnings Per Share - Summary of

Earnings Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Anti-dilutive securities	78	37	78	41

Excess Reorganization Value, 39

Excess Reorganization Value, Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 441,000			$ 441,000
Finite-lived intangible assets	2,850,000			$ 2,850,000
Weighted average life of finite-lived intangible assets				3 years
Finite-lived intangible assets, accumulated amortization	5,928,000			$ 5,928,000
Amortization expense	$ 346,000		$ 346,000	$ 691,000	$ 691,000
Impairment of excess reorganization value and goodwill		$ 0

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 1,239,165
Net income	$ 91,676	$ 93,395	156,979	$ 132,453
Purchase of common stock for treasury			(96,508)
Equity-based compensation			21,378
Excess tax benefit from equity benefit plan activity			8,678
Proceeds from stock options exercised			27,909
Ending Balance	1,357,601		1,357,601
Common Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			206
Ending Balance	206		206
Additional Paid-In-Capital [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			1,447,795
Equity-based compensation			21,378
Excess tax benefit from equity benefit plan activity			8,678
Proceeds from stock options exercised			27,909
Treasury stock issued upon option exercise and restricted share vesting			(22,696)
Ending Balance	1,483,064		1,483,064
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			5,270,114
Net income			156,979
Ending Balance	5,427,093		5,427,093
Treasury Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(5,478,950)
Purchase of common stock for treasury			(96,508)
Treasury stock issued upon option exercise and restricted share vesting			22,696
Ending Balance	(5,552,762)		(5,552,762)
Deferred Compensation Trust [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			(17,333)
Deferred compensation activity			(22)
Ending Balance	(17,355)		(17,355)
Deferred Compensation Liability [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			17,333
Deferred compensation activity			22
Ending Balance	$ 17,355		$ 17,355

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) shares in Thousands	6 Months Ended
	Jun. 30, 2016shares
Equity [Abstract]
Common stock repurchased	62
Reissued shares during the period, shares	69

Product Warranties - Summary of

Product Warranties - Summary of Changes in Product Warranties Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Movement In Standard And Extended Product Warranty Increase Decrease Roll Forward
Warranty reserve, beginning of period	$ 86,692	$ 89,743	$ 87,407	$ 94,060
Provision	12,867	11,144	21,709	20,226
Payments	(11,606)	(15,013)	(21,163)	(28,412)
Warranty reserve, end of period	$ 87,953	$ 85,874	$ 87,953	$ 85,874

Segment Disclosures - Additiona

Segment Disclosures - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016Segment
Homebuilding [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	4
Mortgage Banking [Member]
Segment Reporting Information [Line Items]
Number of reportable segments	1

Segment Disclosures - Revenues

Segment Disclosures - Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Revenue Reconciling Item [Line Items]
Total consolidated revenues	$ 1,388,183	$ 1,243,633	$ 2,532,209	$ 2,201,382
Homebuilding [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	1,361,741	1,221,111	2,483,245	2,162,649
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	772,147	746,168	1,405,718	1,302,288
Homebuilding [Member] | North East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	108,766	114,375	205,919	197,368
Homebuilding [Member] | Mid East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	306,257	221,083	550,534	406,512
Homebuilding [Member] | South East [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Revenues	174,571	139,485	321,074	256,481
Mortgage Banking [Member]
Segment Reporting Revenue Reconciling Item [Line Items]
Mortgage Banking	$ 26,442	$ 22,522	$ 48,964	$ 38,733

Segment Disclosures - Profit be

Segment Disclosures - Profit before Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	$ 144,720	$ 148,684	$ 248,032	$ 211,047
Equity-based compensation expense			(21,378)	(26,303)
Corporate interest expense	(4,814)	(5,956)	(9,902)	(11,874)
Homebuilding [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	131,528	137,248	225,182	193,832
Corporate interest expense	(4,554)	(5,817)	(9,396)	(11,599)
Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	13,192	11,436	22,850	17,215
Corporate interest expense	(260)	(139)	(506)	(275)
Operating Segments [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	129,162	138,139	225,730	211,193
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	63,730	85,041	110,339	129,607
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	5,578	12,631	9,643	18,615
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	30,056	15,586	52,789	22,649
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	15,825	12,625	28,611	21,441
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	13,973	12,256	24,348	18,881
Reconciling Items [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Profit before taxes	15,558	10,545	22,302	(146)
Contract land deposit reserve adjustment	1,307	5,903	2,636	6,806
Equity-based compensation expense	(10,829)	(12,904)	(21,378)	(26,303)
Corporate capital allocation	46,259	41,398	90,574	78,341
Unallocated corporate overhead	(26,517)	(19,764)	(56,026)	(49,748)
Consolidation adjustments and other	9,877	1,681	15,862	2,330
Corporate interest expense	(4,539)	(5,769)	(9,366)	(11,572)
Reconciling Items [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Corporate capital allocation	28,766	26,258	55,951	49,667
Reconciling Items [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Corporate capital allocation	4,447	3,805	9,400	7,115
Reconciling Items [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Corporate capital allocation	7,458	6,672	14,157	12,607
Reconciling Items [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Corporate capital allocation	$ 5,588	$ 4,663	$ 11,066	$ 8,952

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Asset Reconciling Item [Line Items]
Assets	$ 2,698,424	$ 2,511,718
Cash and cash equivalents	364,494	425,316	$ 497,585	$ 545,419
Contract land deposit reserve	(39,602)	(42,239)
Homebuilding [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	2,379,392	2,132,168
Consolidated variable interest entity	1,311	1,749
Cash and cash equivalents	353,176	397,522
Intangible assets and goodwill	3,291	3,982
Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	319,032	379,550
Cash and cash equivalents	10,026	26,804
Operating Segments [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	2,103,371	1,895,779
Operating Segments [Member] | Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	1,167,199	994,804
Operating Segments [Member] | Homebuilding [Member] | North East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	151,466	133,106
Operating Segments [Member] | Homebuilding [Member] | Mid East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	264,674	220,094
Operating Segments [Member] | Homebuilding [Member] | South East [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	208,347	175,572
Operating Segments [Member] | Mortgage Banking [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	311,685	372,203
Reconciling Items [Member]
Segment Reporting Asset Reconciling Item [Line Items]
Assets	595,053	615,939
Consolidated variable interest entity	1,311	1,749
Cash and cash equivalents	353,176	397,522
Deferred taxes	168,076	161,805
Intangible assets and goodwill	52,218	52,909
Contract land deposit reserve	(39,602)	(42,239)
Consolidation adjustments and other	$ 59,874	$ 44,193

Segment Disclosures - Corporate

Segment Disclosures - Corporate Capital Allocation Charge (Detail) - Reconciling Items [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 46,259	$ 41,398	$ 90,574	$ 78,341
Homebuilding [Member] | Mid Atlantic [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	28,766	26,258	55,951	49,667
Homebuilding [Member] | North East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	4,447	3,805	9,400	7,115
Homebuilding [Member] | Mid East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	7,458	6,672	14,157	12,607
Homebuilding [Member] | South East [Member]
Segment Reporting Other Significant Reconciling Item [Line Items]
Corporate capital allocation charge	$ 5,588	$ 4,663	$ 11,066	$ 8,952

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value Measurement Gain/(Loss)			$ 7,265
Homebuilding [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	$ 596,151		596,151		$ 595,847
Homebuilding [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes carrying value	596,151		596,151
Homebuilding [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Senior Notes due 2022 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior Notes fair value	636,000		636,000
Mortgage Banking [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of mortgage loans held for sale	275,145		275,145		$ 319,553
Mortgage Banking [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value adjustment income (expense)	589	$ 2,033	(67)	$ 1,611
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	$ 524,455		$ 524,455
Average basis points of loan amount	1.00%		1.00%
Fallout rate of measuring fair value of rate lock commitments	13.00%		13.00%
Total Fair Value Measurement Gain/(Loss)			$ 7,579
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	$ 718,451		718,451
Total Fair Value Measurement Gain/(Loss)			(5,103)
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount of contractual commitments	270,356		270,356
Fair value of mortgage loans held for sale	$ 275,145		275,145
Total Fair Value Measurement Gain/(Loss)			$ 4,789

Fair Value - Undesignated Deriv

Fair Value - Undesignated Derivative Instruments (Detail) - Mortgage Banking [Member] - Level 2 [Member] - Fair Value, Measurements, Recurring [Member] $ in Thousands	Jun. 30, 2016USD ($)
Rate Lock Commitments [Member]
Derivatives Fair Value [Line Items]
Gross assets	$ 8,314
Gross liabilities	735
Net rate lock commitments	7,579
Forward Sales Contracts [Member]
Derivatives Fair Value [Line Items]
Gross assets	1
Gross liabilities	5,104
Net forward sales contracts	$ 5,103

Fair Value - Fair Value Measure

Fair Value - Fair Value Measurement (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assumed Gain/(Loss) From Loan Sale	$ 346
Interest Rate Movement Effect	4,781
Servicing Rights Value	7,241
Security Price Change	(5,103)
Total Fair Value Measurement Gain/(Loss)	7,265
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Rate Lock Commitments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	524,455
Assumed Gain/(Loss) From Loan Sale	(304)
Interest Rate Movement Effect	3,335
Servicing Rights Value	4,548
Total Fair Value Measurement Gain/(Loss)	7,579
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Sales Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	718,451
Security Price Change	(5,103)
Total Fair Value Measurement Gain/(Loss)	(5,103)
Mortgage Banking [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Held for Sale [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional or Principal Amount	270,356
Assumed Gain/(Loss) From Loan Sale	650
Interest Rate Movement Effect	1,446
Servicing Rights Value	2,693
Total Fair Value Measurement Gain/(Loss)	$ 4,789

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Jul. 15, 2016	Jun. 30, 2016	Dec. 31, 2015
Senior Notes due 2022 [Member]
Debt Instrument [Line Items]
Senior notes principal amount		$ 600,000,000
Senior notes effective interest rate		3.97%
Senior notes maturity date		Sep. 15, 2022
Senior notes interest rate		3.95%
Frequency of senior notes payment		semi-annually in arrears on March 15 and September 15
Debt issuance cost		$ 3,158,000	$ 3,413,000
Repurchase Agreement [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity		$ 150,000,000
Expiration date		Jul. 26, 2017
Borrowing base limitations		$ 0
Debt outstanding under repurchase agreement		0
Increase in commitment available		$ 50,000,000
Credit Agreement [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 200,000,000
Expiration date	Jul. 15, 2021
Increase in commitment available	$ 300,000,000
Credit Agreement [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Sublimit for Issuance of Letters of Credit [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	100,000,000
Credit Agreement [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | Sublimit for Swing Line Commitment [Member]
Debt Instrument [Line Items]
Maximum loan borrowing capacity	$ 25,000,000